TOKYO, Oct 25 (Reuters) – Benchmark TOCOM rubber futures rose for a second day on Tuesday as an overnight gain in Shanghai markets prompted investors to unwind some short positions.
FUNDAMENTALS
The Tokyo Commodity Exchange rubber contract for March delivery JRUc6 0#2JRU: was up 2.4 yen, or 1.3 percent, at 181.0 yen ($1.73) per kg as of 0043 GMT, after snapping a 4-day losing streak the previous day. RUB/T
The most-active rubber contract on the Shanghai futures exchange for January delivery SNRcv1 rose 240 yuan to 14,090 yuan ($2,080.38) per tonne in overnight trade.
TOCOM’s October contract will expire on Tuesday.
China’s natural rubber imports fell 36.52 percent in September from a year earlier.
WardsAuto, an autos industry publication, forecast on Monday that October U.S. auto sales would be 6.2-percent lower than they were in October 2015.
MARKET NEWS
The U.S. dollar had an edge against the yen in early Tuesday trade, standing firm at 104.37 yen JPY= , just below a 2-1/2-month high of 104.635 yen set earlier this month. FRX/
Oil prices dipped on Monday, with U.S.crude briefly falling below $50 per barrel, on news of the impending restart of Britain’s Buzzard oilfield and Iraq’s wish to be exempt from OPEC production cuts.
Japan’s benchmark Nikkei stock average (XC0009692440) rose 0.8 percent on Tuesday after upbeat U.S.earnings boosted Wall Street.
DATA/EVENTS (GMT)
The following data is expected on Tuesday: (Time in GMT)
0800 Germany IFO business climate index Oct
1300 U.S. Home price index Aug
1400 U.S. Consumer confidence index Oct
($1 = 104.3800 yen)
($1 = 6.7728 Chinese yuan renminbi)
(Reporting by Yuka Obayashi; Editing by Joseph Radford)
